Approaching 7 AM ET, the ES 24 hour futures were just 2 points below the intraday low of December 20, 2023. That low was broken last week to create a nice big top pattern with a measured move projection of around 4595. But then the market had an immaculate recovery above that line, and the breakdown was negated, for the time being. That makes today decision day. Or not. Meandering is always an option.
Indeed there are a couple of triangle patterns in the works which vector towards apexes around 4695. I suspect that the ES will tend toward that in the hours ahead, and even the next couple of days. To get anything going on the upside they would need to clear 4720 by the end of today. On the downside the number to beat would be 4670. Unless they get taken out, be prepared for an exciting meander day. Nothing is Broken
Over in Bondland, the 10 year Treasury yield is attacking its 200 day moving average from below. Short term cycle oscillators suggest that a breakout is imminent, with the next target being an uptrend line at 4.25. US Economy Crashed in December – Nope, See Update
For moron the markets, see:
- Nothing is Broken January 8, 2024
- Critical Pullback for Gold January 4, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- Swing Trade Screen Picks – Starting the New Year with a Bad Idea January 3, 2024
- Now, Take a Deep Breath January 2, 2024
- Macro Liquidity – The Party’s Over January 1, 2024
- Dealers Stay Extended December 16, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
